Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. Which one (1) of the following benefits CANNOT be changed? Death and Funeral Benefits. Income Replacement Benefit. Caregiver Benefit for Catastrophic Injuries. Disability Benefit after Age 65.

Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. Which one (1) of the following benefits CANNOT be changed? Death and Funeral Benefits. Income Replacement Benefit. Caregiver Benefit for Catastrophic Injuries. Disability Benefit after Age 65.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 4MCQ: Which of the following is true about the self-employed health insurance deduction? The deduction can...

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Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.
Which of the following is true about the self-employed health insurance deduction? a.The deduction can be claimed when a subsidized employer health insurance plan is also available. b.Long-term care premiums may not be deducted within specified dollar limitations based on age. c.Dental insurance is not included as deductible self-employed health insurance. d.The deduction can be claimed if the taxpayer has an overall business loss from self-employment. e.The self-employed health insurance deduction is a for AGI deduction.
Which of the following is an example of a nontaxable fringe benefit? A qualified bicycle commuting reimbursement. Alimony and separate maintenance payments executed before 2019. Compensation for services, including fees and commissions. Money received for the investment of money or other property.
Define each of the given and describe the different EXCLUSIONS FROM GROSS INCOME: Proceeds of life insurance policy Amount received by the insured as a return of premium Gift, bequest, or descent Compensation for injuries or sickness Income exempt under treaty Retirement benefits, pensions, gratuities, etc.
1. Which of the following is true about the self-employed health insurance deduction? a.The cost of insurance for dependent children is not allowed. b.Long-term care insurance is allowed as a deduction, subject to a dollar limitation. c.Life insurance is allowed as a deduction. d.Medical insurance is allowed as a deduction, subject to a dollar limitation. e.Dental insurance is not part of the allowable deduction. 2. Jody is a physician's assistant (not covered by a retirement plan) with a salary of $40,000 from the hospital where she is employed. She supports her husband, Andre, who sells art work and has no earned income. They have no other sources of income. Both are in their twenties. What is the maximum total amount that Jody and Andre may contribute to their traditional IRAs and deduct for the 2021 tax year? a.$12,000 b.$6,000 c.$5,500 d.$11,000 e.None of these choices are correct. 3. Gail is a single elementary school teacher. She buys the following items for use in her…
Identify and describe the personal risk that is mitigated by the purchase of disability income insurance;
Which of the following, when provided by an employer, is a tax-deferred or tax-free benefit for the employee? a. Premiums for private health care plans providing extended health coverage beyond a public plan b. Financial counselling services not connected to re-employment or retirement c. Group term life insurance policy d. A $200 cash gift for the employee's wedding
Which of the following factors is least likely to affect the amount of retirement benefits under a defined benefit plan? * A. The employee's length of service B. The level of the employee's compensation C. The age of the retiring employee D. The amount of employer contributions to a fund.
Identify which is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damages
Which type of insurance is not deductible as self-employed health insurance? a. Long-term care insurance O b. Medical insurance Oc. Disability insurance Od. Dental insurance Oe. Spousal medical insurance
A defined benefit plan is one in which: A.) The employer promises specified payments to employees on their retirement. B.)The specific provisions are defined by the Internal Revenue Code. C.) The specific provisions are defined by the Uniform Code of Retirement Plans. D.) The employee can specify the mix of benefits (e.g., health, pension, insurance) that will be received on retirement.
Mulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employers